We estimate how climate variables affect price and acreage of productive farmland using
the Ricardian approach. Furthermore, we use our estimations to evaluate the joint effects of possible climate
changes within the time horizon of 2010 and 2050. Our results show that the price of rainfed land in
Spain tends to increase but rainfed acreage decreases. On the other hand, the effect on irrigated farmland
price and acreage presents some mixed results, however, in the long run the dominant pattern is clearly
increasing for both prices and acreage.